Like gold, oil is a commodity of high and permanent value in
the modern world. For that reason, I believe that, like gold, oil can be used
as a reserve instrument to support the value of the currencies of nations.
Since 1996, I have proposed creating a new currency in
Venezuela, called the Bolívar Oro, which would have support in two tangible
assets, gold and oil. The Bolívar Oro would therefore not be a fiduciary
currency but a representative currency based on two real riches, gold and oil.
To that end, an oil reserve would be created whose monetary value would be used
exclusively to support the new currency, the Bolívar Oro. It would be a reserve
similar to the strategic oil reserves existing in other countries such as the
United States, Japan, Spain and China, but in the the case of the Venezuelan
reserve would have the essential purpose of serving as a support for its new
currency.
The use of the value of oil as an alternative instrument for
the support of the currencies of nations opens a new perspective and expands
the possibilities of nations to sustain the value of their currencies.
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